RS Brief news Credits taking funds away from the retail business

Credits taking funds away from the retail business

December 2013

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The growth of the retail trade turnover and consumption was slowing down in the second half of 2013, according to the data disseminated by Sberbank CIB economists. Thus, based on the results for the 10 months, the retail trade turnover growth was 3.8 %, in October it was just 3.5 %. According to Sberbank CIB specialists, it was caused by the fact that people have to spend more to serve credit obligations assumed. As a result, the retail trade gets less and less money. This situation is caused not only by the large volume of consumer credits, but also by the general situation in the consumer loan market: lending rates are too high both in nominal and in real terms. Thus, the measures taken to improve consumption eventually lead to its weakening. RS